Many people fund their trust with their house, but it is not the right decision for everyone. Generally, your assets in the trust do not belong to your estate, so they are not subject to probate as long as the trust is properly funded with those assets. The trustee can distribute your assets to your beneficiaries right away.
The advantages of placing your house and other property in a trust include avoiding probate proceedings, being able to distribute assets quickly, and possibly protecting your home from certain creditors. For example, you can be the trustee and manage your own assets in the trust, and you can also name co-trustees (trustees that serve with you) and successor trustees (trustees that serve after you). If you cannot take care of matters relating to your assets in the trust, your co-trustee can step in. Upon your death or incapacity, the successor trustee will take over for you.
There are disadvantages of placing your house and other property in a trust. They include the cost of creating the trust and administering the trust. Work with your attorney to carefully look at the pros and cons of creating a trust before you put any assets into a trust.
You should work with your attorney to evaluate the right estate planning tools for your individual situation.
